LATAM Corporates Daily: Your daily dose of all things LatAm

Research evidence excerpt

LATAM Corporates Daily: Your daily dose of all things LatAm

J P M O R G A N Latin America Credit Research

29 June 2026

LATAM Corporates Daily

Your daily dose of all things LatAm

Highlights Latin America Corporate Research

Natalia Corfield AC

• Braskem: Negotiations continue to crack a path forward (1-212) 834-9150

natalia.corfield@jpmorgan.com

• Aegea: Funding strategy announced J.P. Morgan Securities LLC

• Cosan: Evaluating strategic alternatives for Rumo stake Alejandra Andrade

(1-212) 834-3220

• US in focus: 2Q26 US GDP forecast revised down alejandra.andrade@jpmorgan.com

• Performance J.P. Morgan Securities LLC

Ian B Snyder

Prices in this note are as of June 26, 2026. (1-212) 834-3798

ian.b.snyder@jpmchase.com

J.P. Morgan Securities LLC

Florencia Palacios

Braskem: Negotiations continue to crack a path forward

(1-212) 622-1129

Our constructive view on Braskem was predicated on two things: an improvement florencia.x.palacios@jpmorgan.com

in 2026 fundamentals driven by the Middle East conflict, which supported a J.P. Morgan Securities LLC

meaningful spread recovery, and a restructuring process that, while complex, Bhavya Gupta

would find a consensual path in a reasonable time frame, in part supported by the (91-22) 6157-3132

more favorable fundamental environment. On the former, spreads have come off bhavya.x.gupta@jpmchase.com

J.P. Morgan India Private Limited

conflict-driven highs, and while the pace of normalization could be faster than we

assumed, the 2026 uplift was always viewed as temporary rather than structural

over multiple years. On the latter, the process has proven more contentious than we

anticipated and is perhaps the key variable to monitor—the initial proposal put

forward by management was disappointing, offering no concessions to creditors